When you know you have money coming to you, being patient can be difficult.
Its effectively a loan against your anticipated refund.
Many companies offer them because they have relatively low risk compared with other loans.
These products often come at a cost.
How Does a Tax Refund Advance Work?
Tax refund advances offer nearly instant access to cash as you wait to receive your tax refund.
Then, theyll extend this credit until the IRS issues your refund.
At that time, the lender will claim the amount to satisfy the outstanding loan.
The remainder of the refund will be transferred to you.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
While the amounts available vary by company, the refund advance amounts go as high as $4,000.
The lowest available loans are $250 without interest or fees.
These lower amounts tend not to carry interest charges or fees.
They serve to entice you to prepare your taxes with one of these companies.
More details about each below.
The loan is then repaid as your refund comes into your possession.
In this instance, one of these products might make sense.
Applying for a refund advance loan doesnt impact yourcredit score.
This is something to keep in mind with how your total refund will be affected.
But the IRS rapidly processes tax returns.
It usually remits any qualified refund within a few weeks of filing.
The interest youll often see quoted is assessed on a monthly basis.
Should You Get a Tax Refund Advance Loan?
While these loans represent useful tools for providing liquidity, they can often come with exorbitant costs.
However, not all will cost you.
The money you receive back from the IRS represents money you overpaid during the tax year.
Youll get those funds you would have otherwise received as a refund in your hands as you get paid.
It sounds appealing right?
Check it out here!
